HP Innovation Issue 20: Spring 2022 | Page 16

GUIDE : RETAIL IN THE METAVERSE

HOW WILL WE SHOP IN 2030 ?

by nick easen illustration by jaedoo lee
BLENDED REALITY RETAIL in a world that is interactive , connected , and shoppable is only just materializing . Everyone from Walmart ( filing trademarks for NFTs , creating its own cryptocurrency ) to Gucci ( opening a virtual multi-store in Roblox ) has been trying to imagine what the metaverse will look like . Brands that get it right will bring digital wallets , gaming , and mixed realities together , along with digital storytelling and new forms of engagement — a kind of 360-degree retail .
Brands are banking on the metaverse as the platform that will leave digital catalogs ( even that well-used Amazon app ) in the dust , one not confined by device , medium , or channel . Some are already filling their digital shelves with products that will get your crypto wallet twitching . They ’ re developing creative and interactive experiences where the pixelated sky ’ s the limit .
Why ? To excite the next generation , already buried in their smartphones and video games , about shopping for goods , services , and even real estate in an entirely new way . You ’ ll access and immerse yourself in this world with lightweight , affordable VR and AR headsets , a voice assistant obeying your every command . Our real-life and digital selves merge into one representation , and our avatars become us — a so-called phygital , along with data on our tastes and preferences . Brands will tap into this , merging the virtual and digital worlds into a seamless shopping experience .
What does retail look like in the metaverse ? Here ’ s our guide to how we might shop ’ til we drop in the future .
Join the crypto clique Cryptocurrencies allow you to pay for everything in the metaverse — to earn , trade , sell , and be rewarded . You can also trade NFTs , which authenticate virtual goods with cryptocurrencies as well . Data on the blockchain is at the heart of both .
NFTs boost value These are the foundation for value creation . Nonfungible tokens ( NFTs ) are unique digital assets verified on a blockchain . NFTs allow items to have value in the metaverse , and are currently used for artwork , music , and virtual clothes .
Virtual real estate Retailers buy prime digital plots in the metaverse . The “ land ” will be used to develop metaverse commerce projects or fully immersive digital shopping centers . Republic Realm , a metaverse real estate firm , recently paid Sandbox $ 4.3 million for a plot of virtual land , the largest public virtual realestate deal ever .
Decentralized commerce So-called d-commerce allows metaverse transactions to happen peer-to-peer , just like in the real world , without relying on a centralized intermediary . It will allow communities to evolve new experiences and popups , while people will be able to create new value , enabled by smart contracts .
Gaming Gaming is now a major sales platform for retailers where real-world and digital goods are bought , gifted , and exchanged . In 2020 , around $ 54 billion was spent on virtual goods , skins , and lives .
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